New Funding Agreement

We are proud to announce that at the end of 2017, Material Change Ltd and Foresight Investments have entered into funding agreements giving us a platform to work together on new opportunities for acquisitions.

Foresight has established a market leading position in AD having invested previously into 18 greenfield projects across the UK with a capacity of 16.7MWe and this secondary acquisition leverages off that experience to build upon Foresight’s existing footprint. The transaction demonstrates Foresight’s appetite to aggregate operational AD assets to enable it to consolidate its strong market position in the UK and to export its deep experience in the sector to Europe, Australia, North America and beyond. The new contract structure gives a great opportunity to develop and enhance the existing sites and to increasing the portfolio with additional sites and assets in the future.

Foresight have now invested in both Material Change’s AD plants and their Compost facilities. The AD Plants provide 2.8MW of electrical power generation capacity (and related waste heat use), 450 Sm3 (standard cubic metres) per hour of biomethane export capacity to grid (and related CO2 sales) and capacity to process in excess of 95,000 tonnes per annum of energy crops, agricultural waste and industrial/commercial food waste whilst also benefiting from FIT and RHI revenue. The composting sites have a capacity to accept in excess of 155,000 tonnes per annum of primarily green waste to produce circa 100,000 tonnes per annum of high quality compost using open-windrow (green waste) and in-vessel (green mixed with ABPR food waste) methods.

Robert Guest, Foresight Group LLP said: “We are very much looking forward to working with Material Change to optimise the performance of these AD and composting sites and to building on our strong relationship with Heathpatch to complete further acquisitions together as part of our wider AD aggregation strategy.”

 

Charles Course, Material Change Ltd and Heathpatch Ltd said: “We are delighted to have entered into this partnership with Foresight and look forward to developing and enhancing the acquired sites and also to acquiring further sites and assets. We hope that the combination of Foresight’s expertise, and our knowledge and experience in agriculture, waste processing, AD development and operation will make us a first choice for anyone considering the sale, or enhancement, of AD assets.” 

For further information, please see the Press Release.

FORESIGHT PRESS RELEASE